Protection Program Loans For Small Businesses
If you are a business owner, Pathways Financial Credit Union stands ready to assist you with either a first draw or second draw PPP loan. Eligible businesses must be structured as either incorporated entities (including LLCs, S-Corps, C-Corps, partnerships, and other incorporated business types), or as IRS Schedule C filers (sole proprietors, self-employed individuals and independent contractors).
First Draw PPP Loans
If your business did not receive a PPP loan in 2020, your business is eligible to receive a first draw PPP loan in the amount of 2.5 times monthly payroll costs if it meets the requirements outlined on the PPP First Draw Loan Information Sheet.
How Do I Apply?
To get started, review the First Draw PPP Loan Documentation Requirements. Incorporated entities will use the checklist at the top of the page, while IRS Schedule C filers will use the checklist at the bottom of the page.
Once you have gathered your required documents, please complete the PPP First Draw Borrower Application, and the Owner Demographics Form. If your business is an incorporated entity, please also complete the Beneficial Ownership Form.
Second Draw PPP Loans
If your business did receive a PPP loan in 2020, you may be eligible to receive a second draw PPP loan if you can document at 25% or more decrease in gross receipts when comparing a specific calendar quarter in 2020 to the same quarter in 2019. More details can be found on the PPP Second Draw Loan Information Sheet.
How Do I Apply?
To get started, please choose the correct documentation requirements for your situation, depending on whether your business is an incorporated entity, or a Schedule C filer, and whether you received your First Draw PPP loan from Pathways or another financial institution.
Once you have gathered your required documents, please complete the PPP Second Draw Borrower Application, and the Owner Demographics Form. If your business is an incorporated entity, please also complete the Beneficial Ownership Form.
How Do I Submit My Documents To Pathways?
Once you have gathered all your required documentation, please submit everything to us by secure e-mail at firstname.lastname@example.org. We’ll process your loan application immediately and submit it to the SBA for approval. Once we receive your loan guarantee number from the SBA, we’ll e-mail you your membership and loan documents for electronic signature. Once we have received your signed loan and membership documents, we’ll get your loan funded promptly!
If you have any questions or if you need further information, please e-mail us at email@example.com or call us at (614) 416-7588, x8135.